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the challenge

The reporting at Rabobank, National Association (RNA) had become extraordinarily complex. The bank was growing rapidly. Rabobank’s finance department continued to struggle to keep pace with RNA’s growth and expanding business, technical, financial and regulatory requirements which are not just limited to the U.S., as RNA is a subsidiary of a very large international bank and is required to comply with accounting rules for Dutch regulators as well.

Existing systems could not accommodate these and other new and expanding reporting challenges. This complexity also had a negative impact on the financial close and planning processes.

DISCOVER WHY Rabobank NA TRUSTs CCH TAGETIK!

Benefits

Faster close makes information available sooner for more responsive management decision making

Reduced need to hire additional staff to support growth

Slowed growth of the finance department staffing needs by 50%

Automated reporting

A new transparent and automated process for reporting to the bank’s Dutch parent

Built-in intelligence

For currency conversion, adjustments & eliminations to support US GAAP, IFRS and other reporting from one set of data

Traceability & auditability

Full traceability and auditability for any of the bank’s seven different reporting requirements back to one data source

Better data quality

Areas of management outside Finance are seeing CCH Tagetik’s value and are asking for more access to more data

the solution

RNA considered solutions offered by market leaders including IBM and Oracle, but the solutions they presented were siloed applications. Without true integration, those applications would be difficult for Finance to support and would hinder its efficiency efforts. The bank selected CCH Tagetik because it could meet the bank’s requirements in one end-to-end solution that includes:

Driver-based budgeting and forecasting for quicker and more frequent forecasting cycle

An automated close process with controls, validations, approvals, workflow and status updates throughout the process

A single financial data mart with loan, deposit, treasury, derivative and G/L data in a single, finance-controlled reporting environment

Built-in intelligence for currency conversion, adjustments and eliminations to support US GAAP, IFRS and other reporting from one set of data